Whether you’re in the market for new equipment, or looking for auctions to purchase pre-owned equipment, chances are you’re running into some common problems—dwindling inventories, high prices, and long wait lists.
Even as COVID restrictions begin to ease around the globe, the long-term effects of the pandemic continue to disrupt supply chains and manufacturing. In the March issue of American Cranes and Transportation Magazine, Jason Baynard discusses these supply issues in detail, as well as how they might impact your insurance coverage.
One trend Jason discusses is how supply chain bottlenecks are slowing down manufacturing across all industries, especially new vehicle production. One of the main contributors to these delays is the lack of microchips. Jason also discusses the impact the supply crunch is having on what was once a reliable and cost-effective way to replace aging equipment—auctions. He goes into detail about how the auction market has changed drastically in just the past two years, and what you can expect in the coming months.
Adding new equipment increases the marketability of your company to do work, but how does that impact your risk management plan? What about employee training? Furthermore, all this fluctuation can lead to questions about your insurance coverage. Does your policy have co-insurance provisions that can protect you in the event of a loss? Read more insurance questions to consider in Jason’s article.
At NBIS, we realize these are difficult and challenging times for many companies. We’re here to help our insureds stay ahead of trends and stay informed about market conditions. Information is the best defense against surprises. Be sure to check out Jason’s article in the March issue of ACT Magazine, available March 2nd through ACT’s website.